FCRA Deragtory account 7 year expiration question

[SCREWCREDIT]

State : Florida

I have one nic in my credit file from 1997.. its a charge-off from a credit union who granted me a 1500$ credit line of which I defaulted on.. with fees, interest, collection costs, etc, it now shows a balance of $2200.. The date of last activity on this account was October of 1997

Does the account expire 7 years from the date of last activity or 7 years from the date of the first default?

I'm in the process of negotiating the balance with the credit union.. I'm asking they remove some interest and lower the balance to $1800 and I will clear the aging balance.. however, I'm afraid if I do so, if the FCRA states accounts will be removed 7 years from date of last activity, this date could be reset on my consumer files.. thus would seem illogical and unfair.. this account is approaching within the next year or two the limitations set forth by the FCRA.. and I don't want to jeopardize its removal

Thanks for your help

PS - Also, in a case like this where theres a charge-off.. if an individual chose not to repay the debt.. after 7 years, he can request it be removed from his consumer files.. but is it legal for the same creditor to RE-report the same debt if it still exists after this 7 year period? because technically, a "debt" never expires.. wondering if the FCRA has any rules set forth to protect such action.. Could be a never ending loop

 

[Ladynred]

Statute of Limitations in FL is FOUR years. The debt is out of statute if the last time you paid on it was 1997. What this means is they can no longer sue you to collect it and if they do, you can cite the SOL as your defense and have it dismissed.

Since its so old, I wouldn't do anything to reset the SOL clock. They can't collect on it any more.. so, unless you want to keep this credit union account, I'd just let them stew in their own juice.